- Seatrium’s 1Q25 business update was light on financials. The company’s net order book stood at S$21.3b as at 31 Mar 2025 (31 Dec 2024: S$23.2b) across 26 projects with deliveries till 2031.
Delivery of One Guyana and completion of 45 repairs and upgrades projects during 1Q25.
- - Read this at SGinvestors.io -
- Management shared that margins are moving in the “right direction”, though no specific figures were provided.
- - Read this at SGinvestors.io -
- divestment of non-core assets;
- unwinding of intangible assets recognised during the formation of Seatrium; and
- ongoing commitment to cost management.
The cadence of contract wins seems to have slowed, in our view.
- Seatrium announced on 13 May 2025 that it had secured a Floating Storage Regasification Unit (FSRU) conversion contract from Höegh Evi. Engineering works will commence this month and go on for 18 months.
- Our read-through from the business update is that management seems confident direct tariff impact on its business will be fairly contained, though some customers may be waiting on project decisions given macroeconomic uncertainty.
Lower fair value at 1.4 P/B.
- Read more at SGinvestors.io.
